As we await the Price Control Order for 20 food items and fuel by the government and the Commerce Commission, the Attorney General Aiyaz Sayed-Khaiyum has made it clear to importers, wholesalers and retailers to follow the order or they could face severe penalties.
Sayed-Khaiyum said the government cannot continue to see businesses double or even triple dipping by increasing mark-up percentages on items by as high as 30 percent.
He said the order has been gazetted and signed and it should be available to the interested parties soon.
Sayed-Khaiyum stressed that the order has to be followed.
Meanwhile under the new Commerce Commission Decree, it states that a person must not supply any controlled goods or services unless a price for those goods or services has been authorized by the Commission.
Any person who acts or aids and abets another person to act in contravention of this section is guilty of an offence with a maximum fine of $50,000.
Furthermore the decree states that a supplier of controlled goods or services must retain such accounts and costing records as the Commission from time to time specifies either in relation to suppliers of those goods or services generally or in relation to a particular supplier of the goods or services.
It said the supplier must retain the accounts and records for a period of 3 years from the date of the revocation or expiry of the order in respect of the controlled goods or services to which they relate.
Any person who acts or aids and abets another person to act in contravention of this section is guilty of an offence with a maximum fine of $100,000.
Story by: Vijay Narayan
Feature
AG warns importers/wholesalers & retailers to follow Price Control Order
